As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
The price of the home.
The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Lovely home for sale in Vintner’s Crossing. Open & airy, this elite,upscale home, reduced to $269,900/a rare find.Gas light at entry brings you into a formal foyer area w/great lighting,two wood/glass doors,formal DR w/butlers pantry/china closet,awesome wet bar w/icemaker,huge great room w/FP & built-in cabinets,glass doors going onto patio.Fully equiped kitchen w/SS appliance,oversized granite island, numerous cabinets & shelving, hearth room w/brick FP,laundry rm w/sink, shelves,broom closet,huge master w/dual vanities,jacuzzi tub,walkin closet,C-fans thruout,walk in closets & c-fans in BR 2&3, too many extra’s to mention;2 toned designer scored flooring in living area & kitchen, plush carpet only in bedrooms.
$269,900
Ready to make the move to Brandon, MS? We have severalHomes for Salein Madison MS, Brandon MS, and Ridgeland MS. Search the local MLS for 1000’s of homes in the Jackson, MS Metro area.
New subdivisions, restaurants, shopping centers and car dealerships are popping up quickly. Searching for something to do should not be a problem; Brandon MS has many lakes, golf courses, shopping centers, martial art studios, gyms, churches, parks, live theater, and many annual events.
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
The price of the home.
The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
French,Acaidian style home a delight to see & show,gorgeous hardwoods,formal LR/Library w/built-ins & french doors, formal Dining, bar w/icemaker,dream kitchen w/all the extras & SS appliances,hearth/keeping room, large laundry,fabulous master suite. Acadian Home in Vintner's Crossing Lovely Open Plan Spacious Rooms Designer Colors
This home is in mint condition and has been completely repainted inside with netural colors. Spacious open plan with vaulted ceilings,large family room with open dining area seperated by collums. Neutral colors throughout, lovely kitchen open to dining area. Tons of storage. Outside room that is cooled could be used for controlled temperature storage or small office. Conveniently located in the heart of Madison with nice backyard, lovely neighborhood pond. You must see this home to appreciate.
Priced below market..and ready for new home owner. Sidewalk community, Awesome home w/covered front porch & flower garden; Split Plan - Great Room features Wood flooring FP W/TV cabinet above, Ceiling Fan & double opening into Dining area featuring tile floors & french doors opening onto patio; Kitchen fully equipped w/black & SS appliances, smooth surface range top; built in MW, tile counter tops & bar, ample cabinets & storage; Walkin laundry w/cabinets & broom closet; Master Suite has trey ceiling w/C-Fan & opening into master bath w/jacuzzi tub & separate shower, double vanities, plus walk-in closet; 2 large bedrooms on opposite side w/double closets, bath w/extra cabinets, hall has coat & linen closet..Call a Realtor today
This home is like a vacation retreat all year long. Features such as a beautiful shaded front lawn w/lush landscape, a stone pathway leading to the veranda w/wet bar,c-fans & sun shades, patio w/gas grill & add'l gas hook-up, plus a deck on the water & a double boatslip make this home the ultimate in family enjoyment & entertainment. The interior is filled w/dynamic features such as a soaring vaulted ceiling w/wood beams in great room, curved staircase leading up to a balcony office, excercise room in balcony. Also glazed brick floors in kitchen, wetbar & den...wetbar also features an indoor grill. Waterfront veiws from every room. Call for a private tour toda!
Click the MLS Search Button to search 1000's of Homes For Sale in Madison, Brandon, Ridgeland, Reservior, Flowood & Jackson MS
Its a buyers market just in case you haven’t noticed. What that means is more houses listed for sale that there are home buyers qualified to buy. The number of homes on the market thoughout the U.S. is at an all time high. The result of this is that buyers know they can negotiate hard over the price and terms of the contract. Buyers knowing we are in a buyers market puts the seller at a disadvantage. So what are the steps I can take as a seller in a buyers market to help get my home sold. Here are a few tips to help you in todays market.
First Step: Clean, repair, repaint and get your home into tip-top condition. Pretend your are a buyer looking to purchase your home. Walk through your front door and look at your home and ask yourself, would I be willing to accept the rotten wood, peeling paint, dirty carpet, etc…. I’m sure you would not!!! So do what is necessary to address these issues.
Second Step: If needed call a homestager that knows what it takes to get your home sold. Your decor might not be impressive to someone else. Remember it’s the appearance and location of the home that sells. A professional homestager can give you a list of things that need to be removed/ replaced to make your home more attactive. A good homestager can make a trememdous difference on how long a home stays on the market. One of the best homestagers I know is Vicky Turk, she will access your home at a very reasonable price. Contact Vicky Turk @ 601.317.2994.
Third Step: Call an agent and get a professional Comparative Market Analysis of your home. In today’s market it’s not a good idea to try to sell by owner due to the competition from serious home sellers whose listings are professionally makreted through the local multiple listing service. If you choose to sell by owner, still call an agent to give you a market evaluation. These evaluations are at no cost to you and hopefully an agent would do it to help you. You never know you might need thier services later if you are unsuccesful in selling your home.
Fouth Step: Set a realistic asking price for your home. The CMA provided by your realtor should be very realistic and you should price your home accordingl Pricing your home to high could result in no showings and valuable market time. The best market time for your home is the first 4 to 6 weeks. Make sure when you look at your CMA that you price is close other homes listed in your suddivision. Remember….If your home stays on the market for a long period of time then buyers begin to wander whats wrong with your home. Be Smart in pricing your home.
Fifth Step: Sellers are sometimes insulted if they receive a written offer substantially below their asking price. Some sellers and the listing agents witll not even make a counter offer. This is a major mistake. Always make a counter offer to the prospective buyers because you never know what they are willing to pay. Recently I had a lisiting that was new construction, the buyers made an offer and guess what…it was thirty thousand less than list price. The builder countered with his best price which was close to the list price and the buyers accepted with no counter. You never know so don’t lose a good potential buyer.
Remember….BE SMART IN TODAYS MARKET.
CALL THE HERRINGTON REALTY COMPANY FOR ALL YOUR REAL ESTATE NEEDS!!! 601.977.1114
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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